Ralph Lauren Corp.’s stock is feeling the pressure, down more than 17 percent in early morning trading, after the lifestyle brand reported lower sales and profit in the third quarter.

The company said its reported revenues declined 4.4 percent year-over-year, to $1.9 billion, from the comparable quarter’s revenues of $2 billion. Market watchers had predicted revenues of $2.03 billion.

Reported net income also slumped 39 percent year-over-year, to $131 million, or $1.54 per diluted share, from $215 million, or $2.41 per diluted share, in the same year-ago quarter. Net income, excluding restructuring and other charges, totaled $193 million, or $2.27 per diluted share. Analysts had forecast EPS of $2.13.

“Two thousand and fifteen was a year of transition,” said Ralph Lauren, executive chairman and chief creative officer of the brand, in a release. “While our recent results have been disappointing, I am greatly encouraged by the changes that are already taking place since the appointment of Stefan Larsson as our new CEO. He has my full support as he conducts his comprehensive review of our business and takes the lead to move us forward. We have built one of the strongest global brands in the industry, and our goal is to further strengthen the brand, drive strong financial performance and deliver shareholder value.”

“I am excited to be part of Ralph Lauren,” said Larsson in a release. “While we are disappointed with the current business results, I was brought on board as CEO to institute change that will drive improved performance and strengthen Ralph Lauren’s position among the top luxury companies in the world. I am finalizing an extensive assessment into all aspects of the company and working with my team to build a comprehensive strategic and financial plan to win. There is a lot of work to be done, but I am confident we will succeed.”